Bitcoin (BTC) Price Near $36,883.60; 2 Day Down Streak Ended, Makes Big Move Relative to Two Week Trend, Breaks Above 20 Day Average

The Hourly View for BTC

Last Updated June 10, 2021, 07:016 GMT

At the time of this writing, Bitcoin’s price is up $127.82 (0.35%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Bitcoin Daily Price Recap

The choppiness in the recent daily price action of Bitcoin continues; to start today, it came in at a price of 37391.58 US dollars, up 11.92% ($3982.2) since the previous day. As for how volume fared, yesterday’s volume was up 12.43% from the previous day (Tuesday), and up 117.42% from Wednesday of the week before. On a relative basis, the previous day was pretty good: Bitcoin bested all 7 of the assets in the Top Cryptos class 🙂 Here is a daily price chart of Bitcoin.

BTC

Bitcoin Technical Analysis

First things first: Bitcoin crossed above its 20 day moving average yesterday. Volatility for Bitcoin has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For another vantage point, consider that Bitcoin’s price has gone down 17 of the previous 30 trading days.

Overheard on Twitter

Behold! Here are the top tweets related to Bitcoin:

  • From PeterMcCormack:

    @SenWarren Dear Elizabeth, I am a big fan of how you savaged Steve Mnuchin so I am disappointed with this.#Bitcoin doesn’t use any energy, #bitcoin miners use energy which they buy from suppliers and the grid. It appears that your issue is certain forms of energy supply.

  • From JeffBooth:

    Can you imagine telling your kids one day that you didn’t stand up for a technology that empowered individual rights and freedoms and set the world on a path to abundance, so that you could gain or keep more control? I can’t, and that is why #Bitcoin

  • From TheGuySwann:

    #Bitcoin consumes energy to protect its users from the corruption & stupidity of our political leaders, their utter destruction of the economy & our livelihoods.Dear politicians: The reason it consumes so much is because of how powerfully stupid & corrupt you are.